After upgrading from Webpacker 4 to 5, I receive a new error while running rails webpacker:compile. Running yarn dev, alone; works without issue -- I can't seem to find what the cause of this bug is, or what file its located in. There's aren't many debugging tools in this case. How do I fix the problem where splitChunks is failing for webpacker 5?

Error:

➜  rails webpacker:compile
warning: parser/current is loading parser/ruby27, which recognizes
warning: 2.7.3-compliant syntax, but you are running 2.7.4.
warning: please see https://github.com/whitequark/parser#compatibility-with-ruby-mri.
I, [2022-01-04T14:59:51.4223 #20612]  INFO -- : initializing Lit
Compiling...
Compilation failed:
[webpack-cli] Invalid configuration object. Webpack has been initialized using a configuration object that does not match the API schema.
 - configuration.optimization.splitChunks should be one of these:
   false | object { automaticNameDelimiter?, cacheGroups?, chunks?, defaultSizeTypes?, enforceSizeThreshold?, fallbackCacheGroup?, filename?, hidePathInfo?, maxAsyncRequests?, maxAsyncSize?, maxInitialRequests?, maxInitialSize?, maxSize?, minChunks?, minRemainingSize?, minSize?, minSizeReduction?, name?, usedExports? }
   -> Optimize duplication and caching by splitting chunks by shared modules and cache group.
   Details:
    * configuration.optimization.splitChunks.name should be one of these:
      false | string | function
      -> Give chunks created a name (chunks with equal name are merged).
      Details:
       * configuration.optimization.splitChunks.name should be false.
       * configuration.optimization.splitChunks.name should be a string.
       * configuration.optimization.splitChunks.name should be an instance of function.